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Thursday, May 23, 2024

The ECB raised interest rates again

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The deposit facility rate at a record high of 4%, the highest level since the introduction of the euro in 1999

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The European Central Bank proceeded with its 10th consecutive interest rate increase, confirming traders' predictions that in recent days had increased the chances of a new upward movement.

Critical for the decision were the updated forecasts for the path of inflation as officials face the dilemma between a 10th straight rate hike and an end to the unprecedented cycle of monetary tightening.

ECB raises deposit facility rate to record high of 4%, the highest level since the introduction of the euro in 1999, continuing the most aggressive cycle of monetary tightening in its history.

As stated in the decision, inflation is still falling but is again expected to remain at a high high level for a very long time. The Governing Council is determined to ensure that inflation returns to its medium-term target of 2% in time. In order to strengthen progress towards this goal, the Governing Council decided today to raise the ECB's three key interest rates by 25 basis points.

Source: www.kathimerini.com.cy

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